Over The Counter (OTC) Drugs Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Over The Counter (OTC) Drugs Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Over The Counter Drugs Market

The global over the counter drugs market size was valued at USD 46.65 billion in 2022, and the market is now projected to grow from USD 49.68 billion in 2023 to USD 73.78 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period 2023-2030.

During the COVID-19 pandemic, there was evident disruption in the supply of healthcare products globally due to the import export restrictions imposed. However, the pandemic made people more conscious and aware about selfcare. Because of this awareness, the demand for vitamins and other important nutritional supplements surged. Analgesics were also in great demand during the COVID-19 crisis. All of this positively impacted the global over the counter drugs market growth.

The key over the counter drugs market players are focusing more on the development and introduction of improved OTC products. There are numerous retail stores around the globe offering over the counter drugs. The affordability and easy accessibility of these over the counter drugs is expected to driving the global over the counter drugs market share in the forthcoming years.

There is an evident shift from Rx to over the counter recently. More and more producers are now switching their offered products from Rx to OTC. This shift along with rising number of private label over the counter products are the latest trends in the industry. There is also a surge in the number of online sales made.

Comprehensive Analysis of Over The Counter Drugs Market

The over the counter drugs market is seen growing at a swift pace owing to its market segmentation. These market segmentations are further divided into product type analysis, distribution channel analysis, and region. Based on the product type analysis, the cold and cough remedies segment takes lead. As per distribution channel analysis, the drug stores and retail segment dominates the industry.

Based on regional analysis, the North America region dominates the global over the counter drugs marketplace. In 2022, the region’s industry was valued at USD 18.46 billion. The reason for this global dominance is the sudden surge in preference for over the counter products over the prescription products. The North American regional market held majority of the global share of over the counter drugs industry.

The global over the counter drugs industry is characterized by key dominant players. For instance, Pfizer, Johnson and Johnson, Novartis AG and others. These marketplace players are continuously coming up with innovative strategies in order to increase their over the counter drugs market existence. These key entities include, Johnson & Johnson Services Inc. (U.S.), Bayer AG (Germany), Novartis AG (Switzerland), Sanofi S.A. (France), Pfizer (U.S.), GlaxoSmithKline Plc (U.K.), Boehringer Ingelheim International GmbH (Germany), Reckitt Benckiser Group PLC (U.K.), Takeda Pharmaceutical Company Ltd. (Japan), Perrigo Company plc (Ireland).

In June 2023, a diversified pharmaceutical entity, MACKESSON CORPORATION, announced the introduction of Foster & Thrive. Foster & Thrive is a curated private brand offering OTC health and wellness products. It aims to cater the rising patient needs along with meeting growing consumer demands.

Segmentation Table

Over The Counter Drugs Market Scope

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 5.8% from 2023-2030

Unit Value (USD Billion)

Segmentation By Product Type, By Distribution Channel, and By Region

By Product Type Analgesics

Cold & Cough Remedies

Digestives & Intestinal Remedies

Skin Treatment

Vitamins & Minerals

Others

By Distribution ChannelDrug Store & Retail Pharmacies

Hospital Pharmacies

Online Pharmacies

By Region North America (By Product Type, By Distribution Channel, and By Country)

- The U.S. (By Product Type)

- Canada (By Product Type)

Europe (By Product Type, By Distribution Channel, and By Country)

- The U.K. (By Product Type)

- Germany (By Product Type)

- France (By Product Type)

- Italy (By Product Type)

- Spain (By Product Type)

- Rest of Europe (By Product Type)

Asia Pacific (By Product Type, By Distribution Channel, and By Country)

- China (By Product Type)

- Japan (By Product Type)

- India (By Product Type)

- Australia (By Product Type)

- Southeast Asia (By Product Type)

- Rest of Asia Pacific (By Product Type)

Middle East & Africa (By Product Type, By Distribution Channel, and By Country)

- GCC (By Product Type)

- South Africa (By Product Type)

- Rest of the Middle East & Africa (By Product Type)

Latin America (By Product Type, By Distribution Channel, and By Country)

- Brazil (By Product Type)

- Mexico (By Product Type)

- Rest of Latin America (By Product Type)


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